Litecoin Price Prediction: LTC Registers Marginal Drop, Could Drop To 50-Day SMA

Daily Litecoin LTC Technical Analysis

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Last Updated February 17th 2022
3 Min Read
  • The Litecoin price is marginally down during the current session, as LTC dropped after crossing $130. 
  • LTC has been relatively bearish in recent sessions but had registered a strong increase on Tuesday, rising by almost 6%. 

The Litecoin price is marginally down during the ongoing session, as sellers look to push the price back below $130. LTC had ended the weekend in the red, dropping by over 2% on Sunday and falling to $125.65. The price continued to drop as it fell marginally on Monday before making a strong recovery on Tuesday, rising by almost 6%, going past the 50-day SMA and settling at $131.71, before dropping back during the current session. 

Litecoin Price Chart Indicates LTC Could Slip Below $130 

The Litecoin price started the previous weekend on a fairly positive note, registering a marginal increase on Saturday and then rising by almost 5% on Sunday to end the weekend at $127.69. Monday saw LTC continue to push higher, as the price surged by almost 8%, going above the 50-day SMA and rising to $137.35, before dropping back on Tuesday and falling to $133.95. At this price level, the 50-day SMA acted as support, and LTC was able to recover on Wednesday, rising by nearly 5% and moving to $140.19.

Image: LTC/USD daily

LTC/USD daily chart 021722

After pushing up to $140 on Wednesday, the Litecoin price fell back, dropping by nearly 4% on Thursday. LTC continued to drop on Friday, falling below the 50-day SMA and dropping to $126.98. The weekend saw LTC register a marginal increase on Saturday before dropping back on Sunday, falling by just over 2% and settling at $125.65. LTC continued to drop on Monday, registering a marginal fall, before making a strong recovery on Tuesday, pushing above the 50-day SMA and settling at $131.71. The current session sees LTC marginally down as sellers look to push the price lower.

We can see that the MACD is bullish, but if LTC continues to drop, we could see it flip to bearish.

Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $148.57. At this price level, over 197,000 addresses have sold more than 4 million LTC. LTC also has support at around $124.78, where over 260,000 addresses have bought 3.7 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 021722

The 4-hour Litecoin price chart shows us that LTC had pushed up to $142.15 on the 10th. The price fell back from this level, dropping below the 20-bar SMA and falling to $133.38. LTC continued to drop from this level, falling to $130.45 and then slipping below the 50-bar SMA to $124.84 on the 12th. At this level, the 200-bar SMA was acting as support, and LTC was able to stay at this level, rising to $128.20 and then dropping below the 200-bar SMA to $122.34 on the 14th. LTC made a strong recovery from this level, surging past the 200 and 20-bar SMAs and rising to $131.17. The 50-bar SMA acted as resistance at this level, and LTC fell back marginally, dropping to its current level of $130.

We can see that the Parabolic SAR and MACD are bullish, indicating that the price could push higher.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 021722

Litecoin Price Is Expected To Reach These Levels

The Litecoin price chart shows that LTC has registered a marginal drop during the ongoing session. If the current sentiment persists, we could see LTC slip below the $130 level. However, if the price can recover, we could see LTC push above $130.